HOEC consortium strikes Oil in Block CB-ON-7, onshore Cambay Basin

Hindustan Oil Exploration Company Ltd (HOEC) has announced that the Company has completed drilling and testing of well SPD-1 located south of its Pramoda Oil Field in Block CB-ON-7, onshore Cambay Basin.

SPD-1 well has encountered hydrocarbon bearing sands. Testing of Hazad Formation sand resulted in flow of crude oil at an initial rate of 50m3/day (315 barrels per day) along with associated natural gas through 5 mm bean.

Company is the Operator of the Block CB-ON-7 and holds 50% participating interest during the exploration phase. Gujarat State Petroleum Corporation Ltd and Oil and Natural Gas Corporation Ltd (Licensee) are the consortium partners in the said Block.

Source : Equity Bulls

Keywords